1
METU
Department of Economics
Econ 101 Introduction to Economics I
All sections
20092010 Fall Semester
PROBLEM SET # 1
(APPENDIX of CHAPTER 1 )
PART A: SHORT QUESTIONS
1.
(1) z = a + by
(2) z = a – by
where y and z are variables; a and b are constants . For the equations above;
a.
Define the dependent variables.
b.
Define the independent variables.
c.
Show the intercept and slope terms and interpret them.
2.
For each of the following equations, graph the line and calculate its slope.
a.
P = 10 – 2 q
D
( Put q
D
on the Xaxis)
b.
P = 100 – 4 q
D
( Put q
D
on the Xaxis)
c.
P = 50 + 6 q
S
( Put q
S
on the Xaxis)
d.
I = 10,000 – 500 r ( Put I on the Xaxis)
3.
Write the equations of the linear functions whose graph
a.
has slope 2 and intercept (0, 3)
b.
has slope 3 and intercept (0, 0)
c.
has slope 4 and passes through the point (1, 1)
d.
has slope 2 and passes through the point (2, 2)
e.
passes through the points (2, 3) and (4, 5)
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4.
For each of the graphs in the figure below, say whether the curve has a positive or
negative slope.
5.
Use the following figure to calculate the slope of the relationship:
a.
At points a and b.
b.
Across the arc ab
Y
a
2
b
6
8
10
6
1.5
X
Tax paid
Days of sunshine
Mortgage interest rate
Tons of fertilizer per acre
Age
Bushels of corn per acre
Bushels of corn per acre
Quantity of apples purchased
Income
Home Sales
Price per unit
Fastest time for a race
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 Spring '11
 gulipektunc
 Economics, Microeconomics, Slope, #, d., B., METUDepartment of Economics

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